The Indian rupee slipped to a fresh all-time low of 92.00 against the US dollar in early trade on Thursday, extending its recent losing streak and marking the third record low in less than a week.
On Wednesday, the rupee had already weakened sharply, depreciating 31 paise to settle at 91.99 against the dollar. Earlier in the week, the currency briefly recovered from record levels and closed 22 paise higher at 91.68 on Tuesday, but the rebound proved short-lived.
The rupee has remained under sustained pressure after Donald Trump imposed steep tariffs on Indian merchandise exports, targeting shipments to the United States, India’s largest export market. The tariff move has weighed on market sentiment, increasing concerns over export competitiveness and foreign capital flows.
Traders said the Reserve Bank of India (RBI) likely intervened in the foreign exchange market ahead of the local spot session on Thursday. The intervention was aimed at curbing excessive volatility as the rupee approached the psychologically significant 92-per-dollar level.
According to a trader at a foreign bank, the central bank’s action appeared focused on slowing the pace of depreciation rather than defending any specific level, as global dollar strength and external pressures continue to weigh on emerging market currencies.
With the rupee hovering near record lows, market participants remain cautious, closely tracking global trade developments, capital flows, and further signals from the central bank.
